Business
Antelope Enterprise Announces the Closing of the Sale of its Ceramic Tile Business
CHENGDU, China, May 4, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the
About this update from Antelope Enterprise Holdings Limited
[{"type":"text","content":"CHENGDU, China, May 4, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (\"Antelope Enterprise\", \"AEHL\" or the \"Company\"), which operates KylinCloud, a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers, today announced that on April 28, 2023, the Company consummated the sale of its legacy ceramic tile building materials business.\n\n \n \n \n \n \n \n\n \n\"The divestiture of the ceramic tile business enables us to focus all of our resources and energies on China's high growth livestreaming ecommerce sector,\" commented Antelope Enterprise CEO Will Zhang. \"The ceramic tile business faced significant hurdles due to the slowdown of the real estate sector in China. As our recent earnings report demonstrated, we have successfully implemented a strategic transformation towards a rapidly growing online business with a dynamic corporate culture.\"\n\"Our KylinCloud subsidiary operates a platform that amplifies product sales for consumer brand companies by matching them with different hosts and influencers. We believe that our core competencies and competitive advantage will enable us to capitalize upon the expected high growth of China's livestreaming ecommerce sector for many years to come,\" concluded CEO Will Zhang.\nOn December 30, 2022, the Company's wholly owned subsidiary, Stand Best Creation Limited, entered into a purchase agreement with New Stonehenge Limited (the \"Buyer\") pursuant to which the Company sold its ceramic tile manufacturing business to the Buyer in exchange for a 5% unsecured promissory note with a principal amount of US$ 8.5 million. The note will mature in four years and the 5% interest and principal amount on the note is to be paid in four annual installments. On February 21, 2023, the Company's shareholders approved this transaction, and on April 28, 2023, this transaction was closed.\nAbout Antelope Enterprise Holdings Limited\nAntelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd (\"KylinCloud\"), which operates a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers. For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the C...